ImmuCell Corporation (ICCC)

ImmuCell Corp.'s stock price has decreased by 26.38% in the past six months as of November 21, 2025. In Q3 2025, the company reported a net income of $1.8 million for the first nine months of 2025, compared to a net loss of $2.7 million in the same period of 2024, with gross margins improving to 43%. Total product sales decreased by 8% in Q3 2025 compared to Q3 2024, but domestic sales increased by 2%. The company eliminated its order backlog, rebuilt inventory, onboarded a new CEO, increased production capacity for First Defense®, and is conducting studies for Re-Tain® in partnership with Michigan State University. The FDA issued a "Technical Section Incomplete Letter" in May 2024 in response to a submission for Re-Tain®.

The demand seasonality for ImmuCell Corp.'s products is potentially linked to calving seasons and dairy farming cycles. The company's investment in inventory build as it approaches "peak selling season" implies a seasonal demand pattern.

ImmuCell Corporation is an animal health company focused on developing, manufacturing, and selling products to enhance the health and productivity of dairy and beef cattle. It operates through the Scours segment, which produces the First Defense® product line, and the Mastitis segment, focused on developing and commercializing Re-Tain®. The company's mission is to create scientifically proven and practical products that improve the health and productivity of dairy and beef cattle, with the majority of its revenue generated from the Scours segment.

ImmuCell Corporation primarily operates in the United States, with its headquarters and USDA production facility for First Defense® located in Portland, Maine. The company is also pursuing regulatory approvals for its First Defense® product line in selected international territories, indicating plans for global expansion.

ImmuCell's brand reputation is tied to its operational performance and product development. Positive developments include a financial turnaround in the first nine months of 2025 and the elimination of its order backlog. The company's focus on non-antibiotic solutions aligns with a growing trend to reduce traditional antibiotic use. Challenges include the "Technical Section Incomplete Letter" from the FDA regarding Re-Tain® and past production interruptions.

ImmuCell Corp. ownership is distributed among institutional shareholders, insiders, and retail investors. Institutional shareholders hold approximately 13.84% of the stock, with major holders including Vanguard Group Inc. and Renaissance Technologies Llc. Insiders own about 21.19% of the company, with Norman H. Pessin being the largest individual shareholder. Retail investors hold the largest portion, approximately 64.97% of the company's stock.